DislikedJust for clearification. If there is a PA setup (ie. PD, IB, BUOB, BEOB, etc.) at a PPZ/S&R level and the trade isnt triggered in the next bar, it becomes invalid right?
And what do you mean there is some weekend gap tha needs filling? I know it gapped up over the weekend but how does that figure into you trading plan?
Thanks
BTW, i still have my eye on the 0.8550 - 0.8500 area on the AUD/CAD as well as the IB on the EUR/USD. Let's see what it gives us this week.Ignored
QuoteDislikedIf there is a PA setup (ie. PD, IB, BUOB, BEOB, etc.) at a PPZ/S&R level and the trade isnt triggered in the next bar, it becomes invalid right?
It depends on 2 things:
1) How hard price breaks our PA bar in the direction opposite to the one we had our orders waiting on,
2) The strength of the setup.
Although I base my decision on the intensity of both the above mentioned points on most occasions I will end up pulling my order/trade off,
the reason is this..."A broken pin bar is a broken pin bar and there is nothing left to argue about"...
However I will hardly ever discard the setup, if it's off a good location there probably will be another time, (jumping down to a lower tf here could be a smart thing to do),
Instead of having to bank on an invalid pin bar IMO it's sensible to wait for another one to appear.
QuoteDislikedAnd what do you mean there is some weekend gap tha needs filling? I know it gapped up over the weekend but how does that figure into you trading plan?
Resuming after a weekend will often result in these gaps and as the market moves away from them it tries it's level best to fill it firt (I am not sure why but it just does it) it won't do it all the time but mostly it will...
the weekend gap on the AUD/CAD is below the current price level and it won't be a bad idea to anticipate some bear intervention to fill the gap and then probably a further move down south. Ofcoarse it may not happen atall, but it certainly is an odd that we can count on as one favoring short
QuoteDislikedBTW, i still have my eye on the 0.8550 - 0.8500 area on the AUD/CAD as well as the IB on the EUR/USD. Let's see what it gives us this week.
Regards,
Ghous.
I believe . . .